Markets & Reports
Condo construction slows as sales cool off in GTA
May 3, 2023 By Toronto Star
Sales of new and pre-construction condos in the Greater Toronto Area have hit a 14-year low in the first quarter of this year, according to a report by Urbanation, a development tracking market research firm.
While unsold inventory climbed to a seven-year high and prices grew at the slowest rate in eight years in the same period, there are some signs the condo industry is beginning to stabilize.
New condo sales plunged 74 per cent annually in the first quarter of this year to only 2,360 units, the slowest start to a year since the financial crisis in the first quarter of 2009. The dearth of new product launches at the start of the year means that for the first time in a decade, the Toronto region is heading for a construction slowdown.
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